Appointed new CEO, Jim Blome, Former President & CEO of Bayer
CropScience LP

Cash and Cash Equivalents Position of $101.8M as of September 30,
2018

November 13, 2018 04:30 PM Eastern Standard Time

MINNEAPOLIS & ST. PAUL, Minn.--(BUSINESS WIRE)--Calyxt,
Inc. (NASDAQ:CLXT), a consumer-centric, food- and
agriculture-focused company, today announced its results for the three-
and nine-month periods ended September 30, 2018.

Investor Call Details

Calyxt will host an investor call on November 14, 2018 at 8:00 am
Eastern Time – 7:00 am Central Time to discuss its financial results and
provide a general business update.

The live dial-in information for the conference call is:

US & Canada only: 877-407-9747International: 412-902-0044

In addition, a replay of the call will be available until May 14, 2019
by calling 877-660-6853 (Toll Free US & Canada); 201-612-7415 (Toll Free
International).

“The third quarter of 2018 was an exciting and crucial time for Calyxt
to take important steps towards the commercialization of our lead
product candidate, a non-GMO, high oleic soybean variety, designed to
yield soybean oil with over 80% oleic oil content that is completely
trans-fat free. Our partnerships with American Natural Processors, which
will crush and process our high-oleic soybeans, and KemX Global, which
will refine our oil, will position us to grow significantly. On the
farmer side, we are hitting the ground running with our upcoming
high-oleic soybean growing season. I am pleased to announce that within
the first few weeks of contracting for 2019, we have already surpassed
Calyxt’s acreage for all of 2018. On the food customer front, we are in
discussions with over 30 food companies, from small to multi-national.
In summary, I can say that we are well on track to becoming a real
commercial player,” said Jim Blome, newly appointed CEO of Calyxt.
“Furthermore, I am beyond thrilled to be a part of such an amazing team
at this very moment in time, ringing in a new era in the field of
agriculture. Our TALEN®-technology platform, our world class
scientists and lab facilities, our U.S. regulatory position and our
extensive IP assets are just some of the reasons that enticed me to take
on this new role. In addition, our product pipeline is well-suited for
today’s consumer trends demanding healthier diets, food supply
transparency, improved taste and the sustainability of food production
by lowering inputs and waste.”

High Oleic Soybean Update:

90% of acres planted in 2018 have been harvested. The harvest
is anticipated to be complete by the end of November.

2019 acreage contracting kicked off to a strong start. In the
first few weeks, we contracted over 17,000 acres for the 2019 growing
season, already surpassing the total acreage of 2018, with the goal to
double this acreage size in 2019. We will take thoughtful
considerations for any additional growth in certain regions.

Agreement with American Natural Processors (ANP), a leading
provider of innovative non-GMO and organic processing of oils, flours
and meals, to crush Calyxt’s high-oleic soybean variety, and produce
the Company’s high oleic soybean oil, its first product expected to
hit the market in late 2018 / early 2019.

Agreement with KemX Global, a leading provider of innovative
organic processing of oils, to refine Calyxt’s high-oleic soybean oil.
KemX Global’s organic, non-GMO-certified Iowa plant positions Calyxt to
work with multiple crush plants in the Midwest region and positions
Calyxt’s supply chain for the production of our food-grade high-oleic
soybean oil.

The
high-fiber wheat product recently transitioned from Phase I to Phase
II in Calyxt’s development process and is on track for
commercialization as early as 2020 / 2021. In the next year, the
Company is set to further confirm the product concept in field
conditions and will complete food application studies.

Corporate Update:

Appointment of new CEO: James (Jim) A. Blome, former President
and CEO of Bayer CropScience LP (North America), joined Calyxt as
Chief Executive Officer, effective October 1, 2018. The entire Calyxt
team is looking forward to working with Jim on the upcoming commercial
launch of Calyxt’s first product, high-oleic soybean oil and to
advancing its entire product pipeline.

Jim Blome is a
high-impact, global leader with over 25 years of leadership experience
in the agriculture industry. Before his position as President and CEO
for Bayer CropScience LP, Jim held executive positions at Valent
(Sumitomo Chemical) and Agriliance LLC. Jim serves as the Chairman of
CropLife America, the Chairman of U.S. Farming and Ranching
Foundation, and the Independent, Non-Executive Chairman of Concentric
Ag Technologies, Inc. Jim is the 2013 recipient of the Henry A.
Wallace Award from Iowa State University for outstanding leadership
and service to agriculture. Jim grew up on a family corn and soybean
farm in Hubbard, Iowa and a graduate of Iowa State University.

Appointment of new Supply Chain Manager: As of October 15,
2018, Aaron Snyder joined the Calyxt team as Supply Chain Manager,
responsible for procuring all materials necessary for production, as
well as overseeing shipping operations, and implementing and managing
new planning processes. Prior to joining Calyxt, Aaron spent eight
years building supply chain systems in Cargill’s Food Ingredients
Businesses Group Most recently Aaron served as a supply chain manager
at Cargill, responsible for the sales and operations strategy across
the North American region in bulk and pack.

Additions to the Board of Directors: Christopher J. Neugent,
Executive Vice President of Strategy of Post Holdings, Inc., has
nearly three decades of experience in the consumer packaged goods and
food industries, including as President and CEO of Post Consumer
Brands and as Chairman and CEO of MOM Brands, which was purchased by
Post Holdings in 2015. Christopher joined Calyxt’s board of directors
as of September 11, 2018.

Jonathan Fassberg is the founder
of the Trout Group and currently Co-Chief Executive Officer of
Solebury Trout, a leading investor relation firm. Jonathan joined
Calyxt’s board of directors as of August 22, 2018.

Dr. Yves
Joseph Ribeill, founded SCYNEXIS, Inc and served as its President and
CEO from 1999 to 2015. Dr. Ribeill has more than 35 years of
experience in the healthcare industry and was a member of the
Scientific Advisory Committee of the World Health Organization, the
Medicines for Malaria Venture and is currently Vice Chairman of the
Triangle Global Health Consortium in North Carolina. Yves joined
Calyxt’s board of directors as of July 3, 2018.

Financial Highlights

Cash and cash equivalents were $101.8 million at September 30, 2018. We
intend to continue to judiciously manage the use of cash and expect to
have sufficient cash to fund the business until late 2020.

For the three months ended September 30, 2018, we incurred losses from
operations of $7.7 million and used net cash in operating activities of
$4.8 million.

For the nine months ended September 30, 2018, we incurred losses from
operations of $19.5 million and used net cash in operating activities of
$13.6 million. Our cash spend for the first nine months of 2018 can be
broken into 3 categories:

to prepare for the launch of our high-oleic soybeans, which includes
spending on seed production and commercial activities such as seed
sales, grain deliveries, and agronomic, logistic and commercial
supports;

and to strengthen our general and administration support, including
strengthening our IT systems, hiring talented personnel, maintaining
public company reporting compliance, refining internal controls and
maintaining our intellectual property.

We anticipate that our operating cash spend will be in the range of $2.0
million per month on average in 2018.

Calyxt, Inc.

Condensed Balance Sheets

(Amounts in Thousands, Except Share Data and Per Share Data)

September 30,

December 31,

2018

2017

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

101,796

$

56,664

Restricted cash

50

—

Trade accounts receivable

—

—

Due from related parties

166

167

Prepaid expenses and other current assets

967

626

Total current assets

102,979

57,457

Property and equipment, net

21,305

14,353

Other long-term assets

341

357

Total assets

$

124,625

$

72,167

Liabilities and stockholders’ equity

Current liabilities:

Due to related parties

$

1,937

$

1,350

Accounts payable

1,240

1,023

Accrued salaries, wages, and other compensation

1,016

945

Accrued liabilities

2,669

893

Current deferred revenue

7

43

Total current liabilities

6,869

4,254

Non-current deferred revenue

91

289

Finance lease obligations and other long term liabilities

17,433

10,148

Total liabilities

24,393

14,691

Stockholders’ equity:

Common stock, $0.0001 par value; 275,000,000 shares authorized,
32,463,407 and 27,718,780shares issued and outstanding as of
September 30, 2018 and December 31, 2017, respectively

3

3

Preferred stock, $0.0001 par value; 50,000,000 shares authorized, no
sharesissued or outstanding as of September 30, 2018 and
December 31, 2017, respectively

—

—

Additional paid-in capital

174,206

112,021

Accumulated deficit

(73,977

)

(54,548

)

Total stockholders’ equity

100,232

57,476

Total liabilities and stockholders’ equity

$

124,625

$

72,167

Calyxt, Inc.

Condensed Statements of Operations

(Amounts in Thousands except Shares Outstanding and Per Share
Amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2018

2017

2018

2017

(unaudited)

(unaudited)

Revenue

$

27

$

44

$

234

$

322

Operating expenses:

Cost of revenue

—

—

—

—

Research and development

3,307

6,438

7,493

9,157

Selling, general, and administrative

4,419

6,553

12,228

10,141

Total operating expenses

7,726

12,991

19,721

19,298

Loss from operations

(7,699

)

(12,947

)

(19,487

)

(18,976

)

Interest income, net

228

48

88

4

Foreign currency transaction loss

(12

)

(5

)

(30

)

(159

)

Loss before income taxes

(7,483

)

(12,904

)

(19,429

)

(19,131

)

Income tax expense

—

—

—

—

Net loss

$

(7,483

)

$

(12,904

)

$

(19,429

)

$

(19,131

)

Basic and diluted loss per share

$

(0.23

)

$

(0.51

)

$

(0.65

)

$

(0.89

)

Weighted average shares outstanding—basic and diluted

$

32,381,010

$

25,531,572

$

30,040,926

$

21,615,703

Calyxt, Inc.

Condensed Statement of Stockholders’ Equity

(Amounts in Thousands except Shares Outstanding)

SharesOutstanding

CommonStock

AdditionalPaid-InCapital

AccumulatedDeficit

TotalStockholders’Equity

Balances at December 31, 2017

27,718,780

$

3

$

112,021

$

(54,548

)

$

57,476

Net loss

—

(19,429

)

(19,429

)

Common shares issued upon exercise of options and other

687,127

2,128

2,128

Stock-based compensation

—

3,016

3,016

Issuance of common stock

4,057,500

57,041

57,041

Balances at September 30, 2018 (unaudited)

32,463,407

$

3

$

174,206

$

(73,977

)

$

100,232

Calyxt, Inc.

Condensed Statements of Cash Flows

(Amounts in Thousands)

Nine Months Ended

September 30,

2018

2017

(unaudited)

Operating activities

Net loss

$

(19,429

)

$

(19,131

)

Adjustments to reconcile net loss to net cash used in operating
activities:

Depreciation

727

414

Stock-based compensation

3,016

9,980

Unrealized transaction gain (loss) on related party activity

12

(8

)

Changes in operating assets and liabilities:

Trade accounts receivable

—

110

Due to/from related parties

576

1,534

Prepaid expenses and other assets

(325

)

(260

)

Accounts payable

217

205

Accrued salaries, wages, and other compensation

70

160

Accrued liabilities

1,770

1,250

Deferred revenue

(234

)

(222

)

Net cash used in operating activities

(13,600

)

(5,968

)

Investing activities

Purchases of property and equipment, net

(830

)

(1,614

)

Net cash used in investing activities

(830

)

(1,614

)

Financing activities

Advances from Cellectis

—

3,000

Repayment of advances from Cellectis

—

(3,000

)

Costs incurred related to the issuance of stock

(222

)

(3,330

)

Proceeds from common stock issuance

57,706

61,292

Proceeds from the exercise of stock options

2,128

182

Financing lease obligation

—

6,957

Net cash provided by financing activities

59,612

65,101

Net increase in cash, cash equivalents and restricted cash

45,182

57,519

Cash, cash equivalents and restricted cash—beginning of period

56,664

5,026

Cash, cash equivalents and restricted cash—end of period

$

101,846

$

62,545

Supplemental cash flow information

Interest paid

$

856

$

44

Supplemental non-cash investing and financing transactions:

Property and equipment included in financing lease obligations

$

6,849

—

Offering costs in accounts payable and accrued liabilities

$

443

$

2,081

The following presents cash, cash equivalents and restricted cash
by category within the condensed balance sheet:

Cash and cash equivalents

$

101,796

$

62,545

Restricted cash

50

—

Total

$

101,846

$

62,545

About Calyxt

Calyxt, Inc. is a consumer-centric, food- and agriculture-focused
company. Calyxt is pioneering a paradigm shift to deliver healthier food
ingredients, such as healthier oils and high fiber wheat, for consumers
and crop traits that benefit the environment and reduce pesticide
applications, such as disease tolerance, for farmers. Calyxt develops
non-transgenic crops leveraging processes that occur in nature by
combining its leading gene-editing technology and technical expertise
with its innovative commercial strategy. Calyxt is located in
Minneapolis-St. Paul, MN, and is listed on the Nasdaq market (ticker:
CLXT).

For further information please visit our website: www.calyxt.comCalyxt™
and the corporate logo are trademarks owned by Calyxt, Inc.TALEN®
is a registered trademark owned by the Cellectis S.A.

Calyxt Forward-Looking Statements

This communication contains “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. In some cases, you can identify these
statements by forward-looking words such as “may,” “might,” “will,”
“should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential” or “continue,” the negative of these terms and
other comparable terminology. These forward-looking statements, which
are subject to risks, uncertainties and assumptions about us, may
include projections of our future financial performance, our anticipated
growth strategies and anticipated trends in our business. These
statements are only predictions based on our current expectations and
projections about future events. There are important factors that could
cause our actual results, level of activity, performance or achievements
to differ materially from the results, level of activity, performance or
achievements expressed or implied by the forward-looking statements,
including those factors discussed under the caption entitled “Risk
Factors” in our Annual Report on Form 10-K, along with our other filings
with the U.S. Securities and Exchange Commission. We do not assume any
obligation to publicly provide revisions or updates to any
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change, except as
otherwise required by applicable laws.